3138 40 Louisiana Ave Pkwy · New Orleans, LA 70125

$325,000

4 bd · 3.0 ba · 2,538 sqft · MultiFamily public records · 106 Days on market

Built 1940 6,899 sqft lot $128/sqft · 9% below area Est $344k · 5% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.5/30.0
• ARV discount +9.9/15.0
• DSCR +6.5/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

PERFECT OWNER /OCCUPY PROPERTY. . Total rent $2900.00 per month with potential for up to $3,200.00. NEW ROOF, TERMITE CONTRACT, New HVAC in lower unit. No carpeting. Corner is a game changer with plenty of off street parking and green space. Kitchens are updated with granite counters, newer cabinets, gas stoves, full sized refrigerators. Each unit is 2 bedroom (Potentially a 3rd with flex room off kitchen) Flex room could be a dining or study room. 1 bath with large living/dining area. This is not a shotgun! Lovely screened porches. Each unit has an in unit laundry room. All appliances included in sale with exception of lower level washer/dryer. 2 electric meters. 1 water. Flood $1600.00. Termite contract. Lower unit is month to month. Upper unit has a lease in place thru August 2027 @ $1500.00

Key facts

• Green space
• Termite contract
• Off street parking

Tags

• NEW ROOF
• TERMITE CONTRACT
• NEW HVAC
• OFF STREET PARKING
• GREEN SPACE
• UPDATED KITCHENS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $1 ($12/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Recommended offer: $296k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.4% in New Orleans — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#3 in LA, #1,383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D.
• Orleans Parish (urban): math 11% / reading 27% proficiency, ranked #69 of 98 in LA (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 219 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,332/mo this rent would consume 65% of the median local household income ($61k/yr) (locally 1270% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $295,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 8.1

CMA / ARV

• ARV (median comp): $343,658
• List price: $325,000
• Delta: -5.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2900 General Taylor St	0.25mi	4/4.0	2,322 (-8%)	8mo	$387,000	$167	63
2909 1st St	0.48mi	5/3.0 (+1)	2,654 (+5%)	3mo	$75,000	$28	62
3901 03 General Taylor St	0.45mi	4/4.0	2,634 (+4%)	10mo	$360,000	$137	61
4324 26 Freret St	0.58mi	5/3.0 (+1)	2,522 (-1%)	8mo	$240,000	$95	60
3329 General Taylor St	0.15mi	5/3.5 (+1)	2,314 (-9%)	18mo	$320,000	$138	56
2521 Robert St	0.68mi	4/2.5	2,489 (-2%)	10mo	$260,000	$104	55
3526 Louisiana Ave Pkwy	0.24mi	4/2.0	2,200 (-13%)	11mo	$153,000	$70	54
3206 08 Cadiz St	0.48mi	4/2.0	2,418 (-5%)	16mo	$233,500	$97	53
3619-25 Delachaise St	0.29mi	4/4.0	2,162 (-15%)	7mo	$315,000	$146	52
4311 13 Fontainebleau Dr	0.69mi	4/2.0	2,397 (-6%)	14mo	$335,000	$140	43
1505 07 S White St	0.69mi	5/2.0 (+1)	2,268 (-11%)	3mo	$144,900	$64	38
2213-15 General Pershing St	0.71mi	4/2.0	2,234 (-12%)	15mo	$515,000	$231	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.73% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.34×
• Total profit: $-59,754
• Equity at exit: $48,459

10-year hold

• IRR: -18.4%
• Equity multiple: 0.12×
• Total profit: $-79,962
• Equity at exit: $28,100

Cash invested: $91,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Louisiana: 90 Strongly Landlord-Friendly · R+12
• County: — inherits STATE
• City: — inherits STATE

5-day notice; no state rent control; civil-law jurisdiction; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 219
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $3,332 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$365 /mo · $4,380/yr
• Insurance: −$135
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $1

Break-even live

Break-even rent $3,331

Max offer price $325,000

Occupancy floor 95%

Sensitivity live

Price	-10% $185	-5% $93	+0% $1	+5% $-91	+10% $-183
Rent	-10% $-262	-5% $-131	+0% $1	+5% $133	+10% $264
Rate	-1.0pp $165	-0.5pp $84	base $1	+0.5pp $-83	+1.0pp $-169

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,332
Total (2 units)			$3,332

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	25d	1	0.07mi
4027 S Derbigny St New Orleans, LA	3.0	2.0	2950	$1,950	$0.66	25d	1	0.08mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	3d	1	0.08mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	5d	1	0.19mi
4442 S Johnson St Unit 4442 New Orleans, LA	4.0	4.5	3000	$4,500	$1.50	13d	1	0.36mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	16d	1	0.37mi
3350 Jena St New Orleans, LA	3.0	2.5	2200	$2,500	$1.14	45d	1	0.38mi
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	45d	1	0.43mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	25d	1	0.49mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	45d	1	0.49mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	25d	1	0.69mi
5533 S Tonti St New Orleans, LA	4.0	4.0	3000	$3,000	$1.00	16d	1	0.71mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	45d	1	0.73mi
2625 Jefferson Ave New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	45d	1	0.74mi
3737 Nashville Ave New Orleans, LA	4.0	2.0	2000	$3,400	$1.70	23d	1	0.77mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	18d	1	0.78mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	19d	1	0.79mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	25d	1	0.82mi
4120 Erato St New Orleans, LA	3.0	2.0	2250	$1,750	$0.78	25d	1	0.83mi
5718 Cucullu St New Orleans, LA	4.0	3.0	1873	$2,500	$1.33	19d	1	0.83mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	25d	1	0.86mi
1927 Napoleon Ave New Orleans, LA	5.0	2.0	3350	$3,600	$1.07	45d	1	0.90mi
4213 Dryades St New Orleans, LA	4.0	2.0	2000	$2,800	$1.40	25d	1	0.91mi
2217 Jefferson Ave Unit none New Orleans, LA	3.0	2.0	2500	$2,500	$1.00	45d	1	0.93mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	45d	1	0.93mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	45d	1	0.93mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	19d	1	0.93mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	45d	1	0.94mi
5516 S Robertson St Unit A New Orleans, LA	3.0	2.5	3614	$2,800	$0.77	45d	1	0.94mi
2205 Jefferson Ave New Orleans, LA	3.0	2.0	1800	$2,100	$1.17	12d	1	0.94mi
2306 Octavia St New Orleans, LA	3.0	2.0	2254	$2,650	$1.18	5d	1	0.95mi
2229 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	19d	1	0.95mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	45d	1	0.96mi
5830 Clara St Unit 1 New Orleans, LA	4.0	2.0	2100	$4,500	$2.14	45d	1	0.98mi
2824 Calhoun St Unit A New Orleans, LA	3.0	2.0	1828	$3,900	$2.13	45d	1	0.98mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	25d	1	0.99mi
2738 Calhoun St New Orleans, LA	4.0	2.0	1900	$4,800	$2.53	5d	1	1.00mi
2322 Nashville Ave New Orleans, LA	4.0	2.0	2249	$2,750	$1.22	45d	1	1.00mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	45d	1	1.01mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	4d	1	1.01mi

Listing history 33 events

1. 2026-06-21
   days on market $325,000 Active 106 DOM
2. 2026-06-18
   days on market $325,000 Active 103 DOM
3. 2026-06-17
   days on market $325,000 Active 102 DOM
4. 2026-06-16
   days on market $325,000 Active 101 DOM
5. 2026-06-15
   days on market $325,000 Active 100 DOM
6. 2026-06-13
   days on market $325,000 Active 98 DOM
7. 2026-06-10
   days on market $325,000 Active 95 DOM
8. 2026-06-09
   days on market $325,000 Active 94 DOM
9. 2026-06-08
   days on market $325,000 Active 93 DOM
10. 2026-06-07
    days on market $325,000 Active 92 DOM
11. 2026-06-05
    days on market $325,000 Active 89 DOM
12. 2026-06-03
    days on market $325,000 Active 88 DOM
13. 2026-06-02
    days on market $325,000 Active 87 DOM
14. 2026-06-01
    days on market $325,000 Active 86 DOM
15. 2026-05-31
    days on market $325,000 Active 85 DOM
16. 2026-03-06
    listed $325,000 Active 805-char remark

    Show marketing remark (805 chars)

    PERFECT OWNER /OCCUPY PROPERTY. . Total rent $2900.00 per month with potential for up to $3,200.00. NEW ROOF, TERMITE CONTRACT, New HVAC in lower unit. No carpeting. Corner is a game changer with plenty of off street parking and green space. Kitchens are updated with granite counters, newer cabinets, gas stoves, full sized refrigerators. Each unit is 2 bedroom (Potentially a 3rd with flex room off kitchen) Flex room could be a dining or study room. 1 bath with large living/dining area. This is not a shotgun! Lovely screened porches. Each unit has an in unit laundry room. All appliances included in sale with exception of lower level washer/dryer. 2 electric meters. 1 water. Flood $1600.00. Termite contract. Lower unit is month to month. Upper unit has a lease in place thru August 2027 @ $1500.00

17. 2026-03-06
    listed $325,000 Active 805-char remark

    Show marketing remark (805 chars)

    PERFECT OWNER /OCCUPY PROPERTY. . Total rent $2900.00 per month with potential for up to $3,200.00. NEW ROOF, TERMITE CONTRACT, New HVAC in lower unit. No carpeting. Corner is a game changer with plenty of off street parking and green space. Kitchens are updated with granite counters, newer cabinets, gas stoves, full sized refrigerators. Each unit is 2 bedroom (Potentially a 3rd with flex room off kitchen) Flex room could be a dining or study room. 1 bath with large living/dining area. This is not a shotgun! Lovely screened porches. Each unit has an in unit laundry room. All appliances included in sale with exception of lower level washer/dryer. 2 electric meters. 1 water. Flood $1600.00. Termite contract. Lower unit is month to month. Upper unit has a lease in place thru August 2027 @ $1500.00

18. 2025-07-02
    listed $330,000 Active
19. 2025-06-15
    historical $1,500
20. 2025-06-02
    listed $1,500
21. 2025-06-01
    price $330,000
22. 2025-06-01
    price $330,000
23. 2025-05-17
    price $340,000
24. 2025-05-17
    price $340,000
25. 2025-04-01
    listed $350,000 Active
26. 2025-02-27
    price $350,000
27. 2025-02-17
    price $350,000
28. 2025-01-16
    listed $360,000 Active
29. 2024-07-09
    historical $1,400
30. 2024-06-26
    listed $1,400
31. 2019-12-17
    soldstatus $286,000
32. 2019-10-28
    listed $298,500
33. 2014-02-04
    listed $269,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $4,380 · $365/mo
• Projected year-2 tax: $4,380 · $365/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,984
• − Mortgage interest: −$18,205
• − Property taxes: −$4,380
• − Insurance: −$6,744
• − Repairs & maintenance: −$3,199
• − Management: −$3,199
• − Depreciation: −$9,455
• Taxable loss: −$5,196
• Est. tax savings @ 24.0%: +$1,247
• After-tax cash flow: $1,259/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orleans Parish
• NCES district ID: 2201170
• Math proficiency: 11% ▼ -52.00%
• Reading proficiency: 27% ▼ -46.00%
• Median HH income: $37,011
• Composite: 15.78/100
• National rank: #9271
• State rank: #69 of 98 in LA

Livability — New Orleans

• Score: 81/100
• State rank: #3
• US rank: #1383

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime C- Employment D Housing B- Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Orleans, LA
• County: Orleans Parish · 338,817 people
• City population: 338,817
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 17,821
• Household income: $61,174
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 1270.0

Population outlook (Orleans County) Hauer SSP2

• Today (2025): 513,025 people
• By 2030: 575,781 · +12.2%
• By 2040: 700,174 · +36.5%
• By 2050: 826,541 · +61.1%
• By 2075: 1,123,374 · +119.0%
• By 2100: 1,355,609 · +164.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Black 51% White 32% Hispanic / Latino 9% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Orleans

• 2024 margin: Solid D (+67.0) · D 82.2% · R 15.2% · Other 2.7%
• 2008→2024 swing: +6.7pp toward D · 2008: 60.3pp · 2024: 67.0pp
• All cycles: 2024: D+67.0 2020: D+68.2 2016: D+66.2 2012: D+62.5 2008: D+60.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.68%
• Current HPI: 255.5998
• Rent YoY: ▲ 0.73%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

Industry mix (Fortune 500 HQ in LA)

Industry	F500 HQs	Revenue
▸Telecommunications	2	$23B
▸Utilities	1	$12B
▸Wholesale / Distribution	1	$5B
▸Advertising	1	$2B

Price history

+20.8% since first listed

18 events — show timeline

• 2026-03-06 Listed $325,000 GSREIN
• 2026-03-06 Listed $325,000 AcadianaMLS
• 2025-07-02 Listed $330,000 AcadianaMLS
• 2025-06-15 Rental Removed $1,500 GSREIN
• 2025-06-02 Listed for Rent $1,500 GSREIN
• 2025-06-01 Price Changed $330,000 AcadianaMLS
• 2025-06-01 Price Changed $330,000 GSREIN
• 2025-05-17 Price Changed $340,000 AcadianaMLS
• 2025-05-17 Price Changed $340,000 GSREIN
• 2025-04-01 Listed $350,000 AcadianaMLS
• 2025-02-27 Price Changed $350,000 AcadianaMLS
• 2025-02-17 Price Changed $350,000 GSREIN
• 2025-01-16 Listed $360,000 AcadianaMLS
• 2024-07-09 Rental Removed $1,400 GSREIN
• 2024-06-26 Listed for Rent $1,400 GSREIN
• 2019-12-17 Sold (Public Records) $286,000 Public Records
• 2019-10-28 Listed $298,500 AcadianaMLS
• 2014-02-04 Listed $269,000 AcadianaMLS

Property tax history

+3.3%/yr

Latest (2026): $4,380 · +2.9% YoY. Source: county tax records.